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Focus Finishes Growth Financing for Tribridge
[November 08, 2010]

Focus Finishes Growth Financing for Tribridge

Nov 08, 2010 (Close-Up Media via COMTEX) -- Focus, a middle market investment banking firm providing merger, acquisition, divestiture and corporate finance services, announced that Tribridge has received growth capital from LLR Partners, a private equity firm with more than $1.4 billion under management.

Focus represented Tribridge in the transaction. The funds will be used for organic growth and other corporate purposes; LLR has also committed acquisition financing as part of the transaction.

"The purpose of this private equity transaction was to provide capital for future growth," said Tony DiBenedetto, chairman and CEO of Tribridge and winner of the Ernst & Young 2009 Florida Entrepreneur of the Year Award in technology. "We chose Focus over a number of other investment banks to execute this important initiative based on their knowledge of our industry and collaborative style." Founded in 1998, Tribridge is a national IT services and business consultancy.

"Tribridge is a natural fit for LLR Partners. Because of their past investment history, LLR Partners is very familiar with IT services companies," said Manan Shah, partner and co-leader of the Software and IT Services Group at Focus. "Their strategic partnership will provide the necessary human capital and financial capital to continue Tribridge's acquisition program." "The Tribridge transaction is typical of deal activity in 2010. We have seen enormous interest from private equity groups with a specific focus in IT industry growth areas, such as cloud-based solutions and payment systems," said George Shea, partner and team leader of the Software and IT Services Group at Focus. "Also, after running lean the past few years, large corporations now have strong balance sheets to execute acquisition strategies." According to a release, supported by a research team with dedicated IT specialists, the Focus Software and IT Services Group is comprised of senior partners who were all former CEOs of operating companies. The Group has seen an uptick in IT deal activity with computer software, IT services/consulting and payment systems companies. In 2010, half of Focus' deals have been in the software and IT services sector.

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